If the growth rate is a number greater than 1, we have exponential growth; if the growth rate is a number greater than 0 but less than 1, we have exponential decay.
Our growth rate is actually growth. But the rate of growth is not 107%. The rate of growth means that we already had 100% of the population and that it is growing by 7% each year. 100% + 7% = 107%; as a decimal, 1.07
